From The Mississippi Link Newswire
BIRMINGHAM, Ala., – In response to feedback from customers, Regions Bank (NYSE:RF) announced that it has eliminated the monthly CheckCard fee for all accounts, effective Nov. 1, and will refund CheckCard fees already incurred.
Most of those refunds were completed by Nov. 7.
“We are committed to providing an exceptional customer experience and are continually adapting our products and services in response to the needs and preferences of our customers,” said John Owen, head of Consumer Services for Regions Bank. “We have heard from our customers and are responding to their feedback by eliminating the monthly fee for CheckCards.”
Customers who previously incurred a CheckCard fee will not need to take any action to receive their refund and it will be credited to their account on Nov. 4.
This reversal of action came after two of Mississippi’s biggest banks imposed the new fees to make up lost revenue under new regulations. This drastic action caused many of their customers to bolt, taking their cash with them.
One Regions customer says she will reroute money to a BankPlus account since the company boasts no checking or debit fees.
Regions Bank started charging customers $4 a month for using some debit cards at stores, as well as a $10 fee to deposit checks into customer accounts that do not have direct deposit.
Rather than cough up the $10 monthly fee, Regions has given customers the choice to pay the fee or keep a “minimum” amount of $1,500 in specified checking accounts.
Trustmark National Bank opted not to charge for debit card usage, but will charge some checking accounts $5 a month.
Regions Bank, based in Birmingham, Alabama, has 15% of Mississippi’s market share. While Jackson-based Trustmark controls about 13% of the state market.
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